$109 million worth of futures positions were liquidated in the past hour.
Major exchanges have liquidated $109 million worth of futures positions in the past hour.
In the past 24 hours, $507 million worth of futures positions were forcibly liquidated.
Foreign media outlets say BTC's short-term decline is due to profit-taking selling of approximately $100 million.
BeInCrypto analyzed that Bitcoin's short-term overnight drop to the $91,000 range was due to approximately $100 million in profit-taking selling. Regarding this, BeInCrypto explained, "BTC recovered to the $94,000 level on the 6th, but quickly fell back to the $91,000 range. This short-term drop prevented BTC from attempting to break through the key resistance area of $94,000-$95,000. Order book data shows that approximately $100 million in sell orders were concentrated in this area across major exchanges. This concentrated liquidity acted as a sort of 'ceiling' that put the brakes on the upward trend and triggered short-term profit-taking." According to CoinMarketCap, BTC is currently trading at $92,123.08, down 2.25%.
Riot Platform sells $200 million in BTC in November and December.
Bitcoin mining company Riot Platform (RIOT) sold $200 million worth of BTC at the end of last year, CoinDesk reported. Riot Platform sold 383 BTC ($37 million) in November and 1,818 BTC ($161.6 million) in December. Consequently, its BTC holdings decreased to 18,005. Matthew Siegel, Head of Digital Assets at VanEck, explained, "The funds from this BTC sale will likely be used to build AI."
Analysis: "Ethereum Validator Withdrawal Queues Disappear...Selling Pressure Eased"
Brian Danga, a reporter for The Block, analyzed that the withdrawal queue for Ethereum (ETH) validators has decreased to zero on the 6th (local time), indicating a marked decrease in selling pressure from validators. Regarding this, he explained, "Last September, the Ethereum validator withdrawal queue peaked at 2.67 million ETH. Currently, this 'withdrawal queue' has been reduced by 99.9%. At the same time, the deposit queue has increased significantly to 1.3 million ETH, indicating a willingness for institutional capital to re-enter."
BTC falls below $92,000
BTC fell below $92,000. On the Binance USDT market, BTC is trading at $91,967.84.
BTC falls below $93,000
BTC fell below $93,000. On the Binance USDT market, BTC is trading at $92,997.34.
Pro-cryptocurrency US Senator: "Samurai Wallet Seizure, BTC Selling Wrong"
Last year, the United States Marshals Service (USMS) reportedly sold 57.55 BTC (worth $6.36 million) seized from the Bitcoin mixing service Samourai Wallet. Pro-cryptocurrency Senator Cynthia Lummis said she was "deeply concerned" that the U.S. government was selling the seized BTC. She added, "I don't understand why the U.S. government is still cashing out Bitcoin, despite President Donald Trump's directive to stockpile it as a strategic asset. Other countries are accumulating Bitcoin, and we can't afford to waste our strategic asset."
Analysis: "ETH observes a double-bottom pattern on daily charts...$3,900 recovery possible."
A "double bottom" pattern is observed on the daily chart of Ethereum (ETH), and if this pattern completes, it could recover the $3,900 level, Cointelegraph analyzed. "The double bottom pattern has been forming since the fourth quarter of last year," Cointelegraph explained. "If this suggests that demand at a major support area has repeatedly successfully defended, the target would be a recovery to $3,900, which is approximately 20% higher than the current price, once the pattern is complete. The key is the recovery of the 200-day exponential moving average (EMA). Since turning bearish in November of last year, ETH has attempted to recover the 200-day EMA twice but failed, leading to a downward trend each time. Therefore, if the daily candle closes above the 200-day EMA, a breakout of the long-term trend resistance level is possible."
Coinbase Lists BREV Spot
Coinbase, a US cryptocurrency exchange, announced on the 6th (local time) that it will list Brevis (BREV) spot. BREV-USD trading will begin on platforms such as Coinbase.com and the Coinbase app. Coinbase previously added BREV to its listing roadmap.
Analysis: "BTC short-term holder P&L ratio bottomed in November last year... Ample upside potential."
CoinDesk analyzed that technical indicators suggest that BTC already bottomed in November of last year and could soon rise. The media outlet explained, "According to Glassnode data, when BTC plummeted to around $80,000 last November, the Short-Term Holder P/L Ratio fell to 0.013. This coincides with major bottom signals in 2011, 2015, 2018, and 2022. Since then, BTC has recovered to $94,000 early this year, and the Short-Term Holder P/L Ratio has risen to 0.45. Since the indicator broke above 1 and a strong bull market has continued, it appears that there is ample room for further upside."
Research: 85% of New Cryptocurrencies Launched Last Year Fall Below Their Initial Valuations
A report suggests that 85% of new cryptocurrencies launched last year are trading below their initial valuation, meaning their median token price has fallen by more than 70% from its opening price. According to CoinDesk, cryptocurrency research firm Memento Research tracked the Token Generating Events (TGEs) of 118 new cryptocurrencies launched last year and reached this conclusion. The report explains, "While many new altcoins rose during the bull market prior to 2021, fueled by bubbles and risk appetite, last year's launches were often met with price declines. This underperformance is attributed to a combination of factors, including a lack of real user inflow, a lack of clear utility, an unclear regulatory environment, and an imbalance in the distribution structure. Marketing hype will now fade away in the cryptocurrency market, and tokens whose value is determined by disciplined strategies, clear incentives, and actual usage will prevail."
MarketVector Launches Stablecoin and Tokenization Index
MarketVector, an index provider under global asset management firm VanEck, has launched two new benchmarks tracking stablecoin and real-world asset (RWA) tokenization infrastructure, along with an ETF product tracking them from Amplify. According to Cointelegraph, the new indices are designed to provide indirect exposure to companies involved in stablecoin issuance, settlement, and clearing, as well as tokenization platforms. The Amplify Tokenization Tech ETF (TKNQ) and Stablecoin Tech ETF (STBQ) track the indices and trade on the NYSE Arca.
The U.S. Bankers Association again warns of loopholes in the Genius Act.
The American Bankers Association (ABA) has again called for regulatory overhauls to address the gaps in the GENIUS (Global Stablecoin Initiative), The Block reported. In a letter to the U.S. Senate, the ABA argued that the "stablecoin bill passed last summer lacks clear provisions regarding interest payments for stablecoins," arguing that this could "curtail banks' access to lending resources, potentially harming small businesses, farmers, and households."
White House cryptocurrency chief discusses market structure bill with senators
WatcherGuru reported that David Sacks, the White House AI and cryptocurrency director, met with senators to discuss passage of the Cryptocurrency Market Structure Act (CLARITY).
Tether introduces new unit 'Scudo' for XAUT
Tether announced that it is introducing a new unit, the "Scudo," to its gold-backed stablecoin, TetherGold (XAUT). The company explained that this is intended to simplify how users price and transfer gold in decimal units on-chain.
Lighter, stock perpetual futures trading operates 24 hours a day, weekdays
Lighter, a decentralized perpetual futures exchange (Perp DEX), announced on Discord that it has decided to operate a stock perpetual futures trading service 24 hours a day, 7 days a week. It also plans to introduce a 24/7 operating model in the future.
Former CFTC Chairman-Nominee Joins Sui Group Holdings Board of Directors
Brian Quintenz, the nominee for chairman of the U.S. Commodity Futures Trading Commission (CFTC), has joined the board of directors of Nasdaq-listed SUI Group Holdings, The Block reported. Quintenz will lead SUI Group Holdings' institutional investment strategy. He was previously nominated for CFTC chairman, but his nomination was withdrawn due to concerns about a conflict of interest with Kalsi.
The U.S. Supreme Court will rule on Trump's tariff policy on the 9th.
Bloomberg reported that the U.S. Supreme Court is expected to rule on the constitutionality of the Donald Trump administration's tariff policy on the 9th (local time).
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